Mobvoi (2438) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 10.0% YoY to RMB178.9m; period loss narrowed 99.5% to RMB2.9m, partly because there was no repeat of the prior-year RMB480.5m carrying-value loss on redeemable shares.

• Adjusted net loss, excluding specified non-GAAP items, narrowed 97.5% YoY to RMB1.4m, nearing breakeven.

Financial highlights

• Gross profit increased 0.9% YoY to RMB106.3m; gross margin fell to 59.4% from 64.7%, reflecting a greater hardware revenue mix.

• Operating loss narrowed to RMB1.8m from RMB98.1m; other income and loss, net, improved to RMB12.5m from a RMB0.7m loss.

• Basic and diluted loss per share was RMB0.00 (rounded) versus RMB0.55 loss in H1 2024.

Outlook and guidance

• H2 priorities include increased R&D investment in core AI Agent technologies and expanding Agentic AI product forms and use cases, targeting personalized, secure, real-time experiences.

• Software strategy will remain responsive to competition and profitability; hardware gross profit is expected to stabilize as inventory realignment progresses.